In July of 2023, Ivanhoe Electric and Saudi Arabian Mining Company (Ma'aden) formed a 50/50 exploration joint venture to explore for copper, gold, silver, and other electric metals on ~48,500 km² of underexplored land on the Arabian Shield in Saudi Arabia. Ivanhoe Electric is the operator of the Joint Venture during the exploration phase and Ma'aden will become operator for the development of any economically viable deposits found and specifically designated by the Joint Venture.

The Joint Venture is deploying Typhoon™, Ivanhoe Electric's proprietary and powerful geophysical surveying system, in the largest exploration program ever conducted using the technology. Typhoon™ can detect the presence of sulfide minerals containing copper, nickel, gold and silver. More information on Typhoon™ can be found on our Typhoon™ webpage. The Joint Venture's Technical Committee will focus initial exploration activities on three exploration license areas: the Al Amar Belt (initially around Ma'aden's existing Al Amar Mine), and the Wadi Bidah and Bir Umq Belts.

The Joint Venture was funded with its initial working capital of approximately $66 million from Ma’aden’s initial $127.1 million investment into Ivanhoe Electric common stock, when it became a 9.9% shareholder in Ivanhoe Electric and subsequently exercised its top-up right in October 2023, investing an additional $20.4 million.

• Map of Exploration Lands

  Map of 48,500 km² of exploration land available to the joint venture.